Ledger hopes for $3m profit on beach house

HOW can the price of a house rise by $3 million in less than two
years during a property slump in which most prices fell 10 per
cent? When it's on Sydney's eastern beaches, has spectacular ocean
views and is owned by actor Heath Ledger.

The four-bedroom Bronte house has a price tag of $7.5 million.
The Brokeback Mountain star paid $4.45 million in 2004.

Interest is coming from local and overseas buyers. Ms Richards
says Lachlan and Sarah Murdoch's purchase of an unrenovated house
in Bronte for $7.75 million last year set the benchmark and Ledger
has spent $2 million on renovations.

"Every 12 months there's a property that sets a new record."

Director Baz Luhrmann sold two of his apartments in Bronte at
the end of last year: one for $3.4 million and the other for $3.6
million.